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← FRIENDS OF EXCEL ACADEMY INC

Form 990 for tax year 2022

Filed by FRIENDS OF EXCEL ACADEMY INC.

Totals

Total revenue
$14,334,849
Total expenses
$8,898,874
Contributions and grants received
$8,212,165
Grants paid
$1,795,990
Program service revenue
$5,769,485
Investment income
$419,303
Other revenue
-$66,104
Total assets, end of year
$49,738,891
Total liabilities, end of year
$28,395,179
Net assets or fund balances, end of year
$21,343,712
Program services expenses (Part IX)
$6,964,371
Management and general expenses
$1,597,905
Fundraising expenses
$336,598
Program service expenses (Part III)
$6,964,371

Program services were 78.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $27,497

  • 1e · Government grants (contributions)

    $279,611

  • 1f · All other contributions, gifts and grants

    $7,905,057

  • 1g · Noncash contributions included above

    $52,988

  • 2a · Program service revenue: MANAGEMENT FEE

    total $4,830,815 · related or exempt $4,830,815

  • 2b · Program service revenue: CAPITAL LEASE INTEREST

    total $794,150 · related or exempt $794,150

  • 2c · Program service revenue: RENTAL INCOME

    total $144,520 · related or exempt $144,520

  • 3 · Investment income

    total $419,303 · excluded $419,303

  • 8a · Fundraising events: gross income

    $14,856

  • 8a · Fundraising events: contributions included on line 1c

    $27,497

  • 8b · Fundraising events: direct expenses

    $138,039

  • 8c · Net income from fundraising events

    total -$123,183 · excluded -$123,183

  • 11a · Other revenue: MISCELLANEOUS

    total $57,079 · related or exempt $57,079

  • 11e · Other revenue, total

    $57,079

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,788,590 · program services $1,788,590

  • 2 · Grants to domestic individuals

    total $7,400 · program services $7,400

  • 5 · Compensation of officers, directors and key employees

    total $724,417 · program services $349,952 · management and general $227,896 · fundraising $146,569

  • 7 · Other salaries and wages

    total $2,636,409 · program services $2,255,443 · management and general $243,305 · fundraising $137,661

  • 9 · Other employee benefits

    total $259,451 · program services $200,652 · management and general $38,282 · fundraising $20,517

  • 10 · Payroll taxes

    total $234,441 · program services $182,788 · management and general $32,344 · fundraising $19,309

  • 11c · Fees: accounting

    total $114,579 · management and general $114,579

  • 11d · Fees: lobbying

    total $81,000 · program services $81,000

  • 11g · Fees: other

    total $994,968 · program services $354,402 · management and general $640,566

  • 12 · Advertising and promotion

    total $185,813 · program services $118,755 · management and general $67,058

  • 13 · Office expenses

    total $22,632 · program services $17,783 · management and general $4,849

  • 14 · Information technology

    total $72,047 · program services $27,682 · management and general $43,465 · fundraising $900

  • 16 · Occupancy

    total $35,161 · management and general $35,161

  • 17 · Travel

    total $52,758 · program services $39,578 · management and general $8,227 · fundraising $4,953

  • 20 · Interest

    total $1,033,183 · program services $1,033,183

  • 22 · Depreciation, depletion and amortization

    total $161,427 · program services $161,427

  • 23 · Insurance

    total $97,626 · management and general $97,626

  • 24a · Other expenses: STAFF RECRUITMENT

    total $165,151 · program services $150,287 · management and general $14,864

  • 24b · Other expenses: STUDENT COSTS

    total $94,897 · program services $91,989 · management and general $2,908

  • 24c · Other expenses: STAFF DEVELOPMENT

    total $92,652 · program services $86,378 · management and general $3,912 · fundraising $2,362

  • 24d · Other expenses: MISCELLANEOUS

    total $43,272 · program services $17,082 · management and general $22,863 · fundraising $3,327

  • 24e · All other expenses

    total $1,000 · fundraising $1,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,026,168 · end of year $410,354

  • 2 · Savings and temporary cash investments

    beginning of year $6,502,482 · end of year $10,339,912

  • 3 · Pledges and grants receivable

    beginning of year $933,803 · end of year $75,469

  • 4 · Accounts receivable

    end of year $762,532

  • 7 · Other notes and loans receivable

    end of year $450,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $90,237 · end of year $107,099

  • 10a · Land, buildings and equipment: cost or other basis

    $4,330,162

  • 10b · Land, buildings and equipment: accumulated depreciation

    $161,427

  • 10c · Land, buildings and equipment, net

    beginning of year $42,226,507 · end of year $4,168,735

  • 15 · Other assets

    beginning of year $31,933,276 · end of year $33,424,790

  • 17 · Accounts payable and accrued expenses

    beginning of year $615,618 · end of year $374,074

  • 19 · Deferred revenue

    beginning of year $110,000 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $24,924,552 · end of year $24,124,783

  • 23 · Secured mortgages and notes payable

    beginning of year $3,688,569 · end of year $3,547,344

  • 25 · Other liabilities

    beginning of year $33,070,469 · end of year $348,978

  • 27 · Net assets without donor restrictions

    beginning of year $17,315,965 · end of year $12,907,633

  • 28 · Net assets with donor restrictions

    beginning of year $2,987,300 · end of year $8,436,079

Mission and programs · 2022

Mission

TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOLS WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOLS ARE LOCATED AND TO OTHERWISE BENEFIT THE SCHOOLS THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES.

  • AS OF FISCAL YEAR 2023, FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. RAISES FUNDS AND SUPPORTS THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND IN ADDITION TO EXCEL ACADEMY CHARTER SCHOOL. EXCEL ACADEMY RHODE ISLAND IS A RELATED NOT-FOR-PROFIT ORGANIZATION THAT RECEIVED A FINAL APPROVAL OF ITS CHARTER IN MAY 2021 AND OPENED AND OPERATED A SCHOOL IN RHODE ISLAND DURING FISCAL YEAR 2023.

    Expenses $6,964,371 · Grants $1,795,990 · Revenue $5,826,564

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Seth Reynolds

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.8

  • Megan Preiner

    TREASURER

    Total calculated
    $0
    Hours/week
    0.8

  • Donald Cass

    CLERK

    Total calculated
    $0
    Hours/week
    0.8

  • Shirley Veronica Cardona

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Christopher Satti

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Owen Stearns

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $127,420
    From this org
    $115,960
    From related orgs
    $0
    Other
    $11,460
    Hours/week
    40

  • Nina Keough

    CHIEF SCHOOL OFFICER

    Total calculated
    $117,215
    From this org
    $105,704
    From related orgs
    $0
    Other
    $11,511
    Hours/week
    40

  • Andrew Solomon

    CHIEF FINANCIAL OFFICER

    Total calculated
    $81,837
    From this org
    $77,967
    From related orgs
    $0
    Other
    $3,870
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • EXCEL ACADEMY RHODE ISLAND

    $1,349,965

    TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND

  • EXCEL ACADEMY CHARTER SCHOOL

    $268,185

    TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL.

  • NEXTGEN TALENT INC

    $170,440

    TO SUPPORT THE FUNCTIONS OF NEXTGEN TALENT, INC.

Provenance

Return type
form_990
Tax year
2022
Filed
30 April 2024
IRS schema version
2022v5.0
Source object
202411269349300416

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